CoinLab set to incubate new Bitcoin businesses by recruiting founders

CoinLab, the first venture capital funded Bitcoin company, has announced that it will be launching a series of new businesses in 2013 and 2014.

Working as an incubator rather than funder, CoinLab will focus on bringing in new founders and external management talent who will then develop and manage the Bitcoin related businesses internally.

The company will not be providing capital or mentoring to existing or aspiring startup teams.

"Consumers and investors are desperate for quality teams engaged with this next generation payment technology," said Peter Vessenes, CEO of CoinLab. "We provide the Bitcoin expertise and talent that our industry needs to move forward."

The first business CoinLab will launch is Alydian, an enterprise-scale Bitcoin mining company based in the US, which will be led by veteran semiconductor executive and former Pixelworks CEO Hans Olsen.

"The Alydian team has worked diligently over the past year and we are excited to be the first in this industry to offer multi-terahash-speed turnkey mining systems available for delivery this month," said Vessenes.

As well as Alydian, the company plans to launch at least one more business in 2013 and has further ventures lined up for 2014.

"We're focusing on quality, not quantity. Bitcoin needs very high quality infrastructure right now. We want to make sure our companies can execute successfully, so we're not rushing it," added Vessenes.

"We are actively recruiting adjacent industry veterans from hardware, finance, payments and insurance who want to revitalize or disrupt existing industries and help us lead the Bitcoin revolution. Combining our deep Bitcoin industry knowledge with proven management talent can be immensely valuable."